Merchandise exports up to US$ 983.7 Mn in February 2024

• Agro exports up y-o-y 11.82%, reaching US$ 255.76 Mn
• Rubber products up 15.8 % y-o-y to US$ 88.73 Mn

Agricultural exports emerged as a strong performer, with an impressive 11.82% increase, reaching $255.76 million.

This sector’s growth was significantly propelled by a 22.16% rise in tea export earnings, which totalled $127.74 million, attributed to the robust sales of Bulk Tea and Tea packets. Notably, the volume of tea exports surged by over 20%, indicating a thriving demand for Sri Lankan tea on the global stage.

In February 2024, Sri Lanka witnessed a slight overall increase in its merchandise export earnings, amounting to $983.7 million, a modest 0.17% rise compared to the same month in the previous year.

This growth also represents a 1.3% increase from January 2024, showcasing a gradual improvement in the country’s export sector.

Rubber and rubber finished products also saw a notable rise, with export earnings climbing by 15.87% year-over-year to $88.73 million. This was led by a strong demand for Pneumatic & Retreated Rubber Tyres & Tubes, which saw a 17.16% increase.

Additionally, the Coconut-based products sector experienced a 25.17% growth in February 2024, with Activated Carbon exports, under the Coconut shell category, increasing by 11.25% to $11.97 million.

The seafood sector too reported growth, with earnings rising by 3.5% to $20.69 million, driven by exports of fresh fish and shrimps.

In a significant leap, export earnings from Food & Beverages recorded a 36.77% year-over-year increase to $43.0 million, highlighting the potential in processed food exports. Moreover, the Diamonds, Gems & Jewellery sector experienced a substantial 66.56% increase in export earnings, amounting to $37.61 million.

Despite these positive trends, not all sectors fared well. Industrial exports saw a decrease of 3.36%, totalling $727.94 million. Similarly, the Apparel & Textile sector faced a 2.06% decline in earnings, and the exports of Ornamental fish and Electrical & Electronics Components also witnessed significant drops.

The report further detailed the performance of Sri Lanka’s export markets.

While the United States, the largest single export destination, saw an 8.02% increase in exports, totalling $249.6 million, exports to India and Pakistan fell by 18.18%. European Union markets showed a mixed performance, with Germany, Italy, and France seeing increases, whereas Belgium experienced a decrease.

Overall, the period from January to February 2024 saw a slight 0.30% decrease in cumulative merchandise exports compared to the same period in 2023.

However, the varied performance across different sectors and markets points to a dynamic export environment that Sri Lanka continues to navigate amidst global economic challenges.

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